Dividend Reinvestment / Cash Purchase Plan

We have prepared this page to summarize the details of the Automatic Dividend Reinvestment
and Voluntary Cash Purchase Plan (the "Plan"). This summary is qualified by reference to
the Terms and Conditions of the Plan that follows the summary. The Plan
is available to all shareholders of our closed end funds and provides a convenient way to
acquire additional shares of the Fund's common stock by automatic reinvestment of net investment
income and capital gains distributions paid on such shares. Computershare ("Computershare")
serves as the administrator for the Plan.

We hope this proves helpful in addressing any questions concerning the Plan.

No enrollment is necessary. Each registered shareholder is automatically
enrolled in the Plan (unless the shareholder elects otherwise). All
distributions of dividends and capital gains will be automatically reinvested
by Computershare, as the Plan agent, in whole or fractional shares of the Fund,
as the case may be.

If your shares are held in the name of a broker, bank or nominee, you should
instruct such institution to participate in the Plan on your behalf. If such
institution will not participate in the Plan, your account will be credited
with a cash dividend. In order to participate in the Plan through such
institution it may be necessary for you to have your shares taken out of "street name"
and re-registered in your own name. Once registered in your own
name your dividends will be automatically reinvested.

When a dividend is declared, nonparticipants in the Plan will receive cash.
Participants in the Plan will receive the equivalent in shares of the Fund
valued at the lower of market price or net asset value as described below:

If at the time of reinvestment, the market price of the Fund's Shares is
equal to or exceeds net asset value, participants are issued Shares valued at
the greater of (i) the net asset value as most recently determined or (ii) 95%
of the then current market price of the Fund's Shares. If the net asset value
of the Shares at the time of valuation exceeds the market price of the Shares,
participants will receive shares from the Fund valued at market price.

Yes. For any balance that is insufficient to purchase a whole share, Computershare
will credit your account with a fractional share interest computed to four decimal
places. The fractional share interest is included in all subsequent distributions,
and you have voting rights on all full and fractional shares acquired under the
Plan. However, if your shares are held by a broker, bank or nominee, that
participates in the Plan on your behalf, any amounts not sufficient to
purchase a whole share may be credited to your account in cash in lieu of the
fractional share interest.

No. Shares purchased under the Plan will automatically be held for safe
keeping by Computershare. Also, as a safeguard against loss or theft of stock
certificates held in your possession, you may send those certificates to Computershare
for deposit into your account. Each transaction will be fully detailed
in a comprehensive statement which will provide immediate confirmation of the
current status of your account. All of the paperwork will be done for you by
Computershare's computers, simplifying your record-keeping. If a stock
certificate is desired, it must be requested in writing for each transaction.
Certificates will be issued only for whole shares.

Yes. The automatic reinvestment of distributions will not relieve
participants of any income tax which may be payable on such distributions. If
you participate in the Plan, you will receive Form 1099 concerning the Federal
tax status of distributions paid during the year.

No. Computershare's fees for handling the reinvestment of distributions will
be paid by the Fund. There will be no brokerage charges for shares issued
directly by the Fund. However, each participant will pay a pro rata share of
brokerage commissions incurred with respect to Computershare's open market
purchases in connection with the voluntary cash payments.

What Should I Do If I Receive Form 2439, Notice of Undistributed Long-term
Capital Gains?

If at year end, the Fund retains a portion of realized long-term capital
gains, you will receive Form 2439. If you are a registered shareholder you
will receive this Form directly from Computershare on or about February 15th.
If your shares are held by a broker, bank or nominee you will receive this
Form from the broker, bank or nominee on or about March 15th. Form 2439
reports your proportionate amount of undistributed long-term capital gains and
taxes paid thereon. This information must be reflected on your Federal Income
Tax Return. Refer to the Fund's Annual Report for detailed filing information.
For IRA accounts, custodians will receive Form 2439. The custodian is required
to file Form 990-T (Exempt Organization Income Tax Return) in order to claim a
refund of your pro rata share of taxes paid by the Fund. Tax-exempt accounts
should file Form 990-T to receive a refund as well.

Participants in the Plan have the option of making additional cash payments on
a monthly basis for investment in Fund shares. Such payments can be made
in any amount from $250 to $10,000. Computershare will use all funds received to
purchase Fund shares in the open market on or about the 15th of each month.
To avoid unnecessary cash accumulations and also to allow ample time for
receipt and processing by Computershare, registered shareholders should send
voluntary cash payments directly to Computershare in a manner which ensures
that Computershare will receive such payments approximately 10 days before
the 15th of the month. Computershare will charge each shareholder who participates $0.75 per
transaction, plus a pro rata share of the brokerage commissions. Brokerage charges for such
purchases are expected to be less than the usual brokerage charge for such transactions.
It is suggested that any voluntary cash payments be sent directly to:

you may request that your account be coded for cash distributions.
Computershare will hold any unissued shares in your account for safekeeping.

you may request to receive a certificate for the number of full shares then held in
your Plan account along with a check in payment for any fractional share interest you may have.
The payment for the fractional share interest will be valued at the opening price
of the Fund on the date your discontinuance is effective

you may wish to liquidate your reinvestment shares. If you wish to liquidate your reinvestment
shares, the cost is $2.50 per transaction as well as the brokerage commission
incurred. Brokerage charges are expected to be less than the usual brokerage
charge for such transactions.

Include the full account registration as it appears on your account statement.

Include the Account number as it appears on your account statement.

Include the Tax Identification Number of Social Security number associated with your account

Be sure to date the request and have all registered shareholders sign the request

Other Questions and correspondence concerning the Plan should be directed to:

Each shareholder ("Shareholder") holding shares of common stock ("Shares")
in one of our closed end funds (Gabelli Multimedia Trust Inc., Gabelli Equity Trust, Inc.,
and Gabelli Convertible Securities Fund, Inc.) (the "Fund") will automatically be
a participant in the Dividend Reinvestment Plan (the "Plan"), unless the
Shareholder specifically elects to receive all dividends and capital gains in
cash paid by check mailed directly to the Shareholder by Computershare Bank and
Trust Company as agent under the Plan (the "Agent"). The Agent will open an
account for each Shareholder under the Plan in the same name in which such
Shareholder's shares of Common Stock are registered.

Whenever the Fund declares a capital gains distribution or an income
dividend payable in Shares or cash, participating Shareholders will take the
distribution or dividend entirely in Shares and the Agent will automatically
receive the Shares, including fractions, for the Shareholder's account. The
process is as follows:

Whenever the market price per Share is equal to or exceeds the net asset value
at the time Shares are valued for the purpose of determining the number of
Shares equivalent to the cash dividend or capital gains distribution (the
"Valuation Date"), participants will be issued Shares at the greater of (i)
net asset value or (ii) 95% of the then current market price of the Shares.
The Valuation Date is the dividend or distribution payment date or, if that
date is not a New York Stock Exchange trading day, the next trading day. If
the net asset value of the Shares on the Valuation Date exceeds the market
price of the Shares at that time, participants will receive Shares from the
Fund valued at market price. If the Fund should declare a dividend or capital
gains distribution payable only in cash, the Agent will, as purchasing agent
for the participants buy Shares in the open market, on the New York Stock
Exchange (the "Exchange") or elsewhere, for the participants account after the
payment date, except that the Agent will endeavor to terminate purchases in
the open market and cause the Fund to issue the remaining Shares if, following
the commencement of the purchases, the market value of the Shares exceeds that
day's closing net asset value. These remaining shares will be issued by the Fund
at a price equal to the greater of (i) net asset value or (ii) 95% of then current
market price.

In a case where the Agent has terminated open market purchases and caused the
issuance of remaining Shares by the Fund, the number of shares received by the
participant in respect of the cash dividend or distribution will be based on
the weighted average of prices paid for Shares purchased in the open market
and the price at which the Fund issues remaining Shares. To the extent that
the Agent is unable to terminate purchases in the open market before the Agent
has completed its purchases, or remaining Shares cannot be issued by the Fund
because the Fund declared a dividend or distribution payable only in cash, and
the market price exceeds the net asset value of the Shares, the average Share
purchase price paid by the Agent may exceed the net asset value of the Shares,
resulting in the acquisition of fewer Shares than if the dividend or capital
gains distribution had been paid in Shares issued by the Fund.
The Agent will apply all cash received as a dividend or capital gains
distribution to purchase shares of common stock on the open market as soon as
practicable after the payment date of the dividend or capital gains
distribution, but in no event later than 45 days after that date, except when
necessary to comply with applicable provisions of the federal securities laws.

For all purposes of the Plan: (a) the market price of Fund Shares on a
particular date shall be the last sales price on the Exchange on that date or,
if no sale occurred on the Exchange on that date, then the mean between the
closing bid and asked quotations for the Shares on the Exchange on such date
and (b) net asset value per share on a particular date shall be as determined
by or on behalf of the Fund.

The open-market purchases provided for above may be made on any securities
exchange on which the Shares of the Fund are traded, in the over-the-counter
market or in negotiated transactions, and may be on such terms as to price,
delivery and otherwise as the Agent shall determine. Funds held by the Agent
uninvested will not bear interest, and it is understood that, in any event,
the Agent shall have no liability in connection with any inability to purchase
Shares within 45 days after the initial date of such purchase as herein
provided, or with the timing of any purchases effected. The Agent shall have
no responsibility as to the value of the Shares of the Fund acquired for the
Shareholder's account.

The Agent will hold Shares acquired pursuant to the Plan in noncertificated
form in the Agent's name or that of its nominee. At no additional cost, as a
participant in the Plan you may send to the Agent for deposit into your Plan
account those certificate shares of the Fund now in your possession. These
shares will be combined with those unissued full and fractional shares
acquired under the Plan and held by the Agent. Shortly thereafter, you will
receive a statement showing your combined holdings. The Agent will forward to
the Shareholder any proxy solicitation material and will vote any Shares so
held for the Shareholder only in accordance with the proxy returned by her or
him to the Fund. Upon the Shareholder's written request, the Agent will
deliver to her or him, without charge, a certificate or certificates for the
full Shares.

The Agent will confirm to the Shareholder each acquisition made for her or
his account as soon as practicable but not later than 60 days alter the date
thereof. Although the Shareholder may from time to time have an individual
fractional interest (computed to four decimal places) in a Share of the Fund,
no certificates for a fractional Share will be issued. However, dividends and
distributions on fractional Shares will be credited to the Shareholder's
account. In the event of a termination of a Shareholder's account under the
Plan, the Agent will adjust for any such undivided fractional interest in cash
at the opening market value of the Shares at the time of termination.

Any stock dividends or split Shares distributed by the Fund on Shares held
by The Agent for the Shareholder will be credited to the Shareholder's
account. In the event that the Fund makes available to the Shareholder rights
to purchase additional Shares or other securities, the Shares held for a
Shareholder under the Plan will be added to other shares held by the
Shareholder in calculating the number of rights to be issued to such
Shareholder.

The Agent's service fee for handling capital gains distributions or income
dividends will be paid by the Fund. The Shareholder will be charged a pro rata
share of brokerage commissions on all open market purchases.

The Shareholder may terminate her or his account under the Plan by
notifying the Agent in writing or by telephone. A termination will be effective immediately if
notice is received by the Agent not less than 10 days prior to any dividend or
distribution record date. If such notice is received less than 10 days prior to any dividend
or distribution record date, then such termination shall be immediately effective with respect
to all shares then held in such shareholder's account except that shares to be received pursuant
to the reinvestment of dividends or distributions shall be sold by the Agent on the first trading
day after such shares have been posted to such terminating shareholder's account.If the Shareholder
elects by notice to the Agent in writing in advance of such termination to have the Agent sell part
or all of her or his shares and remit the proceeds to her or him, the Agent is authorized to
deduct $2.50 per transaction plus brokerage commissions for this transaction from the proceeds.

Shareholders have the option of sending additional funds, monthly,
in any amount from $250 to $10,000, for the purchase on the open market of
shares of the common stock of the Fund for Shareholder's accounts. Voluntary
payments will be invested on or shortly after the 15th of each month, except where temporary
curtailment or suspension of purchases is necessary to comply with applicable provisions of
federal securities law. Funds not received at least five days before the investment date shall
be held for investment in the following month. Shareholders may withdraw their entire voluntary
cash payment by written notice not less that 48 hours before such payment is to be invested.

Investments of voluntary cash payments and other open-market purchases
provided for above may be made on any securities exchange where the Fund's
common stock is traded, in the over-the-counter-market or in negotiated
transactions and may be on such terms as to price, delivery and otherwise as
the Agent shall determine. Funds held by the Agent uninvested will not bear
interest, and it is understood that, in any event, the Agent shall have no
liability in connection with any inability to purchase shares within 45 days
after the initial date of such purchase as herein provided, or with the timing
of any purchases effected. The Agent shall have no responsibility as to the
value of the common stock of the Fund acquired for the Shareholders' account.
For the purposes of cash investments the Agent may commingle Shareholder funds
with those of other Shareholders of the Fund for whom the Agent also acts as
Agent, and the average price (including brokerage commissions) of all shares
purchased by the Agent shall be the price per share allocable to the
Shareholder in connection therewith. The cost per transaction is $0.75.

The Agent may hold Shareholder's shares acquired pursuant to Shareholder
authorization, together with the shares of other Shareholders of the Fund
acquired pursuant to similar authorization, in noncertificated form in the
name of the Agent or that of the Agent's nominee. The Agent will forward to
each Shareholder any proxy solicitation material and will vote any shares held
for the Shareholder only in accordance with the proxy returned by the
Shareholder to the Fund. Upon written request, the Agent will deliver to the
Shareholder, without charge, a certificate or certificates for the full
shares.

These terms and conditions may be amended or supplemented by the Agent or
the Fund at any time or times but, except when necessary or appropriate to
comply with applicable law or the rules or policies of the Securities and
Exchange Commission or any other regulatory authority, only by mailing to the
Shareholder appropriate written notice at least 90 days prior to the effective
date thereof. The amendment or supplement shall be deemed to be accepted by
the Shareholder unless, prior to the effective date thereof, the Agent
receives written notice of the termination of the Shareholder account under
the Plan. Any such amendment may include an appointment by the Fund of a
successor agent in its place and stead under these terms and conditions, with
full power and authority to perform all or any of the acts to be performed by
the Agent. Upon any such appointment of an Agent for the purpose of receiving
dividends and distributions, the Fund will be authorized to pay to such
successor Agent, for Shareholders' accounts, all dividends and distributions
payable on Shares held in the Shareholder's name or under the Plan for
retention or application by such successor Agent as provided in these terms
and conditions.

In the case of Shareholders, such as banks, brokers or nominees, which
hold Shares for others who are the beneficial owners, the Agent will
administer the Plan on the basis of the number of Shares certified from time
to time by the Shareholders as representing the total amount registered in the
Shareholder's name and held for the account of beneficial owners who are to
participate in the plan.

The Agent shall at all times act in good faith and agree to use its best
efforts within reasonable limits to insure the accuracy of all services
performed under this agreement and to comply with applicable law, but assumes
no responsibility and shall not be liable for loss or damage due to errors
unless the errors caused by its negligence, bad faith or willful misconduct or
that of its employees.